Scientific Games & IGT look to raise adoption of cashless gaming tech

Cashless is King: Why Cashless Gambling Technology is Going Mainstream

In 2020, the global economy recorded a record high in cashless payment transactions. In China, mobile payments accounted for 84% of all transactions, while in the United States, cashless payments accounted for 72% of all transactions.

Cashless payments and digital wallets are now consumers’ payment channels of choice, providing faster, frictionless payment solutions and improving the overall customer experience.

As customers are accustomed to using mobile payments and e-wallets in their daily lives, the current casino environment’s limited use and acceptance of cashless payments may seem to hinder the IR industry’s future revenue drivers. This is especially relevant for the younger generation of tech-savvy customers who require a digital approach to all customer services and operations.

Capitalizing on Innovation The IR sector has responded in the past to capitalize on technological developments to the industry’s benefit. The TITO system was first introduced nearly 20 years ago to enable coin-free slot machines, increasing customer convenience, lowering operational costs for casino operators, and reducing the risk of theft and loss. This was followed by the rise of card-based technology in electronic casino gaming systems, particularly electronic cards incorporating microprocessors and chip technology that provide increased functionality to store value, track player activity and scores, and display membership rewards.

With the advent of mobile technology, the next generation of cashless betting technology has arrived, which effectively updates the existing e-card system to be digitally enabled. Gambling technology companies have developed digital wallets with secure connectivity that can be downloaded as an app onto customers' smartphone devices. This digital wallet is linked to the player's casino membership/rewards account and digitizes functions such as fund transfers, betting, and cashing out via the smartphone app. Players can use the smartphone digital wallet app to play slots and table games, enjoy sports betting, and in some cases, shop at non-gaming retailers within the resort.

To remit money to a digital wallet, there is an advanced version of an external settlement gateway, which can be paid on the spot with casino cacer or kiosk, or can be directly transferred from banks and credit card accounts.

Digital wallets provide seamless settlement experiences, reduce waiting time and queue, and reduce the annoyance of cash payments. In particular, after pandemic, cashless payments and no n-contact solutions have helped to deal with public health concerns over physical exchange and interaction with people.

These digital wallets are also important tools to realize responsible gambling. Considering the original abilities of tracking and monitoring players through digital wallet accounts, this technology is voluntary prohibition and preemptive expenditure with a digital wallet account to support customers with gambling problems. Can be implemented.

In addition, the record of digital wallet payment can be monitored in real time in the casino in real time, so that suspicious transactions can be detected and reporting requirements can be observed in a shorter time.

Gaming Equipment Manufactures Association supports the adoption of cashless payment technology for such policy reasons. AGEM's executive director Marcus Platatar says: "Our regulatory industry is delayed in other industries and we think that it is too beneficial to delay it. In addition to the clear efficiency that the business operator breaks away from the world of cash, it is certainly a responsible gambling.

The entire industry's efforts on the development of cashless payments are also reflected in the recent agreement between IGT and Scientific Games in a patent on cashless gaming technology. With this agreement, the two companies can provide industry operators with gaming technologies that have been patented from the integrated portfolio of the casino management system.

When doing business in a regulated industry regulated industries, the adoption of new electronic gaming devices and systems requires regulatory authorities and appropriate technical standards.

As the first step, the technical standard proves the fairness, safety, reliability, and integrity of the technical system that regulates regulatory authorities are satisfied. For casino cashless systems, Gaming Laboratories International has developed a standard GLI-16, not bound by the general jurisdiction of the cashless card system. However, regulatory authorities generally support the use of specific political, social, or legal consideration, and the adoption of the jurisdictio n-specific standards.

The Nevada Gaming Management Committee (Nevada Gaming Control Board) is a cashless measurement system that stipulates the requirements unique to the judicial jurisdiction ward, which has a limit on the amount of money for electronic remittances and the fund remittance by credit card. We have published our own technical standards. For the Macau Market, EGM Technical Standards 1. 10 is applied to the gaming machine, but the criteria only refer to the Tito system and not yet supported cashless gaming in other forms. In the future, Macau DICJ may try to adapt to this standard according to the situation where the cashless system is operated in Macau.

Further reviews of regulations in Macau are the scope of the Financial Systems Law to supervise the Macau Financial Currency Committee (AMCM) to supervise all Macau's financial and credit agencies. It has not been confirmed whether the cashless gaming system operators will meet the requirements of a credit agency based on the law, or if additional approval or revision of AMCM is needed.

For this reason, Macau's CEO (CEO) has already revised Macau's law so that the Macau Special Administrative District can use digital currency in the future in preparation for the launch of digital currency and RMB in China. The government has revealed the intention of the government. At the same time, prior to the public bid of the Macau gaming concession in June 2022, the Macau's current gaming method will be reviewed in the latter half of 2021. These two movements have suggested the opportunity to revise the current legal frameworks so that the Macau National Tax Agency will allow the use of digital technology and cashless systems in the future. < SPAN> As the first step, the technical standard proves the fairness, safety, reliability, and integrity of the technical system that regulates regulatory authorities are satisfied. For casino cashless systems, Gaming Laboratories International has developed a standard GLI-16, not bound by the general jurisdiction of the cashless card system. However, regulatory authorities generally support the use of specific political, social, or legal consideration, and the adoption of the jurisdictio n-specific standards.

The Nevada Gaming Management Committee (Nevada Gaming Control Board) is a cashless measurement system that stipulates the requirements unique to the judicial jurisdiction ward, which has a limit on the amount of money for electronic remittances and the fund remittance by credit card. We have published our own technical standards. For the Macau Market, EGM Technical Standards 1. 10 is applied to the gaming machine, but the criteria only refer to the Tito system and not yet supported cashless gaming in other forms. In the future, Macau DICJ may try to adapt to this standard according to the situation where the cashless system is operated in Macau.

Further reviews of regulations in Macau are the scope of the Financial Systems Law to supervise the Macau Financial Currency Committee (AMCM) to supervise all Macau's financial and credit agencies. It has not been confirmed whether the cashless gaming system operators will meet the requirements of a credit agency based on the law, or if additional approval or revision of AMCM is needed.

For this reason, Macau's CEO (CEO) has already revised Macau's law so that the Macau Special Administrative District can use digital currency in the future in preparation for the launch of digital currency and RMB in China. The government has revealed the intention of the government. At the same time, prior to the public bid of the Macau gaming concession in June 2022, the Macau's current gaming method will be reviewed in the latter half of 2021. These two movements have suggested the opportunity to revise the current legal frameworks so that the Macau National Tax Agency will allow the use of digital technology and cashless systems in the future. As the first step, the technical standard proves the fairness, safety, reliability, and integrity of the technical system that regulates regulatory authorities are satisfied. For casino cashless systems, Gaming Laboratories International has developed a standard GLI-16, not bound by the general jurisdiction of the cashless card system. However, regulatory authorities generally support the use of specific political, social, or legal consideration, and the adoption of the jurisdictio n-specific standards.

The Nevada Gaming Management Committee (Nevada Gaming Control Board) is a cashless measurement system that stipulates the requirements unique to the judicial jurisdiction ward, which has a limit on the amount of money for electronic remittances and the fund remittance by credit card. We have published our own technical standards. For the Macau Market, EGM Technical Standards 1. 10 is applied to the gaming machine, but the criteria only refer to the Tito system and not yet supported cashless gaming in other forms. In the future, Macau DICJ may try to adapt to this standard according to the situation where the cashless system is operated in Macau.

Further reviews of regulations in Macau are the scope of the Financial Systems Law to supervise the Macau Financial Currency Committee (AMCM) to supervise all Macau's financial and credit agencies. It has not been confirmed whether the cashless gaming system operators will meet the requirements of a credit agency based on the law, or if additional approval or revision of AMCM is needed.

For this reason, Macau's CEO (CEO) has already revised Macau's law so that the Macau Special Administrative District can use digital currency in the future in preparation for the launch of digital currency and RMB in China. The government has revealed the intention of the government. At the same time, prior to the public bid of the Macau gaming concession in June 2022, the Macau's current gaming method will be reviewed in the latter half of 2021. These two movements have suggested the opportunity to revise the current legal frameworks so that the Macau National Tax Agency will allow the use of digital technology and cashless systems in the future.

Secondly, regulators have identified internal control requirements for concessionaires/franchisees. These focus on the integrity and efficiency of casino operations, the reliability of financial reporting, and compliance with applicable laws. For cashless gaming systems, Nevada's Minimum Internal Control Standards (MIC) identified key risks to player identification, account security, and timely reconciliation of transactions. The MIC prescribes the control of funds transfers to and from non-cash accounts, and also requires operators to use a single bank account for all funds transfers to EGMS to segregate transfers and facilitate audits.

In Macau, the DICJ issued Minimum Internal Control Requirements (MICR) to six manufacturers in Macau in 2005. However, cashless gaming was specifically excluded from the scope of the MICR. The intention was to require offenders to conduct their own risk assessments of operations in this sector and submit proposed internal controls for DICJ review. Thus, assessments and mitigation measures for the implementation of cashless gaming technology have been implemented by Macau offenders.